New Zealand retail spending on debit, credit and charge cards rose more than expected last month, stoking optimism for a fourth-quarter sales rebound after a surprise decline in the third quarter.
Electronic card transactions rose 0.5 percent, seasonally adjusted in November, after a 0.4 percent increase in the previous month, Statistics New Zealand says.
Actual sales rose 6.2 percent in November from the same month last year. This beat a Reuters survey forecast of a 0.4 percent monthly gain for a 4.6 percent gain in the year.
The biggest increases were for hospitality, such as accommodation, bars, cafes and restaurants, up 2.6 percent, and durables, ranging from furniture to household appliances, up 1.6 percent, the government statistician says.
The electronic sales data comes after figures last month showed retail sales volumes fell 0.4 percent, seasonally adjusted 0.4 percent in the third quarter, among figures that had economists fretting third-quarter gross domestic product due out on December 20 will be weaker than expected.
The November figures follow "broad-based growth in October transactions, setting Q4 up for solid growth", UBS economist Robin Clements says in a brief initial assessment.
Transactions for core retail groups, which exclude motor vehicle-related industries, rose 1 percent in November, seasonally adjusted after a 0.3 percent gain in October.
Fuel was the only category to register a decline, dropping 0.8 percent.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Dairy farmers need to reconsider 'smart level' of debt, Feds dairy chairman Hoggard says
- Credit card spending has dived in UK post-Brexit: Mastercard exec
- Accountant pinged for unauthorised car payments, conflicts of interest
- Brexit aftermath: disdain, the elites, and the warning for conservative parties everywhere
- US Democrats vote not to oppose TPP
Most listened to
- NBR's Rob Hosking and John Shewan discuss the just released report
- Queenstown mayoral candidate Jim Boult talks up his chances
- Nathan Smith on the unsurprising US Democrat support of the TPP
- Mercer's Garry Adams sees upside in expats' cost of living drop
- What Australia needs now is stability, no more hopping around, says CPA CEO Alex Malley